Running a small business while sticking to these small business management tips would help to skip the headaches. Managing your business on your own is a good thing. And although you are self-employed, it doesn’t mean that these tips wouldn’t help you at all.
Starting a new business when you have no experience at all could be dilemmatic and exciting at the same time. Thus, these management tips could save you from those dilemmas in the first place.
#1 Establish an Official Business Entity
Again, even though you employ yourself, make sure you separate your personal life and your business life thoroughly. By that, you should separate the taxable entity from day one.
You don’t want your business to get into legal issues. However, this could help to protect your personal assets in case you have to deal with any legal issue.
Establishing an official business entity will save you from getting sued for what you own, get away from the IRS that gets into your vein, and other financial troubles from your business. This is the first thing from small business management tips.
#2 Use accounting software
We know that you want to save money especially if this is the first business you run on your own. It might also lead you to skip bookkeeper and accountant even though those two things are essential in any kind of business.
It is okay to assume that you can do it on your own. However, you would more likely skip that too which could lead to another bigger problem n the future.
In case you still insist to not hire a bookkeeper and accountant, make sure you use a paid app for accounting. Why should you use a paid one?
Most of the paid apps are intuitive and easy to use. You can do the entire job easily without having to pay more for a real accountant in the first place. Typically, the basic version of accountant apps costs up to USD 20 with a bunch of useful features.
Paid apps will save you big time compared to if you use Excel. Also, you won’t lose receipts or look like a first-grader who’s playing business with that invoice.
#3 Check your inbox later
Well, you might get a lot of important messages in your inbox. You may want to check it as soon as you can.
However, it is better if you ignore your inbox for the first 5 hours of the workday. Checking your email first thing in the morning might be one of those productivity tips. Still, not making those mails as the first thing in the morning would be the right decision you make.
According to studies, checking email in the morning will make your brains busy since it is forced to think. Also, many of them could be spam or information that won’t do good for your business in the first place.
When running a business, make sure your daily to-do-list has been taken care of in the first place. Also, it saves you from decisions you may regret in the future. But make sure that checking email at 7 in the morning is not part of your to-do-list.
#4 Go into marketing
At some point, you should be brave enough to invest in marketing. Your business wouldn’t get overseas by only using “we are open” signage at your front door or your website. They look nice but it doesn’t work magically – it takes time and effort, more effort.
What things can you do to invest in marketing rightly? The best type of marketing strategy depends on your business in the first place. For instance, you can rent a booth at a festival to introduce and sell your products. Don’t be shy to serve some testers if possible.
#5 Skip multi-tasking
We all live in a world where all people can do many things at one time. It could be a good thing but sometimes it turns into a disaster. For a business runner, multi-tasking is more about disaster and pandemic at once.
Both you and your employees shouldn’t multi-task. It is important to be mindful and wholehearted when you and your employees do something for work. For instance, pay attention to instructions without checking your inbox.
Why should you avoid multi-tasking? You don’t want to send an email with typos to your client. Also, listening to the same podcast episode over and over is not what you want. And this is the end section of the small business management tips you should do.